Key benchmark indices declined led by selling in metal and oil sector shares. The barometer index, the S&P BSE Sensex, fell 151.95 points or 0.46% to 33,218.81, as per the provisional closing data. The Nifty 50 index fell 47 points or 0.45% to 10,303.15, as per the provisional closing data. Key indices declined for the second straight trading session.
The Sensex and the Nifty opened with small gains. Later, selling pressure emerged which dragged the key indices to the day's low. Indices, however, bounced back after hitting the intraday low and hovered in a narrow range near flat line in afternoon trade. Recovery proved short lived as fresh selling pressure in mid-afternoon trade dragged key indices to fresh intraday low.
The Sensex and the Nifty hit their lowest intraday levels in almost two weeks. The Sensex rose 113.94 points, or 0.34% at the day's high of 33,484.70 in early trade. The index fell 213.08 points, or 0.64% at the day's low of 33,157.68 in late trade, its lowest level since 27 October 2017. The Nifty rose 34.10 points, or 0.33% at the day's high of 10,384.25 in early trade. The index fell 64.65 points, or 0.62% at the day's low of 10,285.50 in late trade, its late trade, its lowest level since 26 October 2017.
Among secondary indices, the S&P BSE Mid-Cap index provisionally fell 0.77%. The S&P BSE Small-Cap index provisionally fell 0.96%. The decline in both these indices was higher than the Sensex's decline in percentage terms.
Closer home, the breadth, indicating the overall health of the market, was weak. On BSE, 1,716 shares fell and 1,041 shares rose. A total of 117 shares were unchanged.
The total turnover on BSE amounted to Rs 17576.71 crore, higher than turnover of Rs 5238.76 crore registered during the previous trading session.
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Metal shares declined. National Aluminium Company (down 4.93%), Hindustan Copper (down 4.18%), Vedanta (down 4.02%), Steel Authority of India (down 3.03%), NMDC (down 2.11%), Hindalco Industries (down 1.95%), Jindal Steel & Power (down 1.69%), Hindustan Zinc (down 1.43%), JSW Steel (down 1.02%) and Tata Steel (down 0.37%), edged lower. Bhushan Steel rose 3.30%.
Manappuram Finance lost 3.93% after consolidated net profit fell 16.64% to Rs 160.37 crore on 1.07% decline in total revenue to Rs 839.80 crore in Q2 September 2017 over Q2 September 2016. The result was announced after market hours yesterday, 7 November 2017.
Telecom major Bharti Airtel dropped 3.76% after report suggested that multiple block deals were executed in the counter on both BSE as well as NSE.
According to reports, Qatar based Three Pillars PTE LTD offloaded its entire holding in Bharti Airtel through a block deal. Qatar Foundation Endowment's affiliate Three Pillars, which had invested about $1.26 billion in 2013 in company has put up about 19.9 crore shares for sale in a price range of Rs 473-490 each, as per reports. Three Pillars had 5% stake in the firm as per the shareholding pattern as on 30 September 2017.
Meanwhile, Bharti Airtel on 7 November 2017 announced 'Data Rollover' facility for its home broadband customers. With this, all unused monthly data will be carried forward and added to the data benefit of the next billing cycle, further enhancing the value proposition for customers. Customers can accumulate up to 1,000 GB data and easily track their usage and balance data available on MyAirtel App.
Car major Maruti Suzuki India fell 0.04%. The company announced that production rose 6.23% to 1.41 lakh units in October 2017 over October 2016. The announcement was made during market hours today, 8 November 2017.
On the macro front, the provisional figures of direct tax collections up to October 2017 showed that net collections were at Rs 4.39 lakh crore, which is 15.2% higher than the net collections for the corresponding period of last year. Net direct tax collections represent 44.8% of the total budget estimates of direct taxes for FY 2017-2018 (Rs 9.8 lakh crore). Gross collections (before adjusting for refunds) increased by 10.7% to Rs 5.28 lakh crore during April-October 2017. Refunds amounting to Rs 89507 crore were issued during April 2017 to October 2017, Ministry of Finance said in a statement after market hours yesterday, 7 November 2017.
Overseas, most European shares were trading lower as investors focused on earnings and monitored President Donald Trump's trip to Asia.
Asian stocks were mixed. Geopolitics remain a focus as US President Donald Trump continues his tour of Asia, wrapping up his visit to Seoul on Wednesday and then head to China. Investors were also keeping a wary eye on Saudi Arabia's sweeping anti-graft purge and an escalation of tensions with Iran.
China's trade surplus widened in October from the previous month. China's overall trade surplus climbed to $38.2 billion from September's $28.5 billion, according to data released Wednesday by the General Administration of Customs. China's exports rose 6.1% in October from a year earlier, compared with an 8.1% increase in September. Imports expanded 17.2%, compared with a gain of 18.7% in September.
In US, Dow industrials eked out a small gain yesterday, 7 November 2017 to end in record territory, but the broader market was weighed down by a selloff in financials, consumer discretionary and small-cap stocks amid concerns over the timing and ultimate shape of tax legislation working its way through Congress.
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